The Blenheim Report June 2014

The Blenheim Report

CONFIDENTIAL INTELLIGENCE REPORT

GOLD

June 2014

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com

Blenheim Partners is a premier international Executive Search and Board Advisory consulting firm. Our team have acted at Board and CEO level for the ASX100, FTSE100 and Asian listed companies, as well as for a range of mid-cap and smaller businesses both publicly and privately owned. We have come together bonded by a singular purpose of providing a search and consulting model that ensures our clients achieve the optimal outcome through a highly dedicated and accountable partnership. Our goal is to help our clients deliver superior performance by maximising the composition of their senior management teams. Blenheim combines the quality, structure and process of a large firm with the flexibility, creativity and relationship focus of a boutique.

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Confidentiality

This report and the information contained in it are confidential and proprietary information belonging to Blenheim Partners. The report contains confidential and proprietary information based on data from public and private sources, including Blenheim Partners’ proprietary database of information. The recipient will not use or disclose, or permit the use or disclosure of, this Report by any other person or for any other purpose. The information contained in this report is preliminary in nature and subject to verification by Blenheim Partners. Blenheim Partners does not guarantee its accuracy or completeness.

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com

CONTENTS

Introduction ...... 4 Alacer Gold Mining ...... 5 Anglogold Ashanti Ltd ...... 10 MACA Ltd ...... 21 Macmahon Holdings Ltd ...... 26 Newcrest Ltd ...... 33 Resolute Mining Ltd ...... 44 St Barbara Ltd ...... 49 Market Intelligence ...... 61 Movements ...... 69 Conclusion: Themes ...... 70 Blenheim Partners ...... 71

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0BINTRODUCTION

Gold Sector Overview The precious metals industry is very capital intensive. Constructing mines and building production facilities requires huge sums of capital. Long- term survival requires heavy expenditures to finance production and exploration. Technology has played a large role in the computer and internet industry, but it has also greatly changed the mining industry. Gold is the most popular precious metal for investors.

Gold Prices are heavily dictated by numerous variables that include fabricator demand, expected inflation, return and central bank demand. Gold is strongly pegged to supply-and-demand patterns. In general, low prices result in low production, and high prices result in high production. Market forces determine price. A company's attempt to control costs is critical to maintaining financial health and production levels in the face of declining gold prices.

The metals industry is not vertically integrated like other industries such as oil and energy. In the metals industry, the companies that mine the gold typically do not refine it, and refiners rarely sell it directly to the public. The industry encompasses three types of firms:

1. Exploration. These companies have very little in the way of assets. They explore and prove that gold exists in a particular area. The only major assets owned by exploration firms are the rights to drill and a small amount of capital, which is needed to conduct drilling and trenching operations. 2. Development. Once a gold deposit is discovered by exploration companies, they either try to become development firms, or they sell their gold find to development firms. Development firms are those operating on explored areas that have prove to be mines. The only real difference between development and exploration is that, for development firms, their area has proved to be a gold deposit. 3. Production. Producer firms are full-fledged mining companies that extract and produce gold from existing mines; this production can range from a hundred thousand ounces to several million ounces of gold production per year.

The cost of production is probably the most widely followed measure for analysing a gold producer. The lower the costs, the greater the operating Leverage which means that earnings are more stable and less volatile to changes in the price of gold.

Most gold that is mined today is used for jewellery, perhaps because of its beauty, or perhaps because it doesn't rust or corrode. Other uses for gold include tooth filings, electronics manufacturing and collectibles, but these make up a very small portion of overall demand.

Unlike other industries, companies in the mining industry come in all shapes and sizes. Much of the production is done by large blue chip companies, but the exploration side of the industry is full of junior companies looking to hit a home run with a large gold find.

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ALACER GOLD CORPORATION

Market cap: $673.59M (TSE) | Employees: 650 | Operations: Turkey, Australia | Head office: Colorado, USA

Alacer Gold Corp. is a leading intermediate gold mining company and its world-class operation is the 80%-owned Çöpler Gold Mine in Turkey.

During 2014, Çöpler is forecast to produce 160,000 to 180,000 attributable ounces at All-in Cash Cost of $730-$780 per ounce. Çöpler is an epithermal gold deposit with oxide ore currently being processed in a conventional crush, agglomeration, heap-leach and gold recovery circuit. Alacer has numerous exploration projects in Turkey that are joint ventures with our Turkish partner Lidya Madencilik San. Ve Tic, A.Ş. (“Lidya Mining”). Alacer’s primary focus is to maximize portfolio value, maximize free cash flow, minimize project risk, and create value for shareholders.

Çöpler’s record gold production was a 44% increase over 2012, primarily driven by a 16% increase in the oxide ore grade and improved operating practices lifting go ld recovery rates over the course of the year.

The Company operates in two geographic operating segments consisting of mining activities, which also includes development of and exploration for mineral deposi ts in Turkey and Australia. Gold prospects are the principal interests of the Company. The Company controls approximately 2,835 km2 in Turkey and 4,580 km2 in Australia. The Company is working towards maximizing shareholder value by focusing on:

- Maximizing its free cash flow - Maximizing its portfolio value - Minimizing its project risk - Returning value to its shareholders, all in an environmentally and socially responsible manner. - Exploration for and subsequent conversion of additional Mineral Resources and Reserves is ongoing both in Turkey and Australia.

In September 2013, Alacer announced that it entered into a binding agreement to sell the Australian Business Unit (ABU) to a subsidiary of Metals X Limited. The comprised of 100% interest in the South Kalgoorlie Gold Operations and 100% interest in the Higginsville Gold Operations. In October 2013, the sale of the ABU was completed and Alacer was paid A$40 million in cash (subject to working capital adjustments) for all of the shares of Alacer Gold Pty Ltd, a wholly-owned subsidiary. The sale of these high-cost, low margin Australian assets demonstrates Alacer Gold’s commitment to focusing on maximising free cash flow by concentrating on its low-cost operations in Turkey.

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First quarter 2014 results: total gold production was 52,919 ounces with an attributable net profit from operations of $9.7 million. - Net profit from continuing operations down from $44.5M Q1 2013 to $14.8M Q1 2014

2013 Financial results - Gold ounces produced from Copler Gold mine increased from 188,756 in 2012 to 271,063 in 2013 - Gold sales from continuing operations of $377.1 million were 12% higher than 2012, reflecting a 35% increase in sales volume driven by an increase in gold production - Net profit from continuing operations decreased from $166M in 2012 to $68M in 2013, due to higher production costs (476M in 2012, 117M in 2013)

Source: http://www.asx.com.au/asxpdf/20140526/pdf/42ptvmk31dsk0w.pdf http://www.alacergold.com/ http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=aqg

MINING OPERATIONS Project Owner Resource Type(OC/UG) Production Location State/ Ctry

Çöpler Alacer (80%), Lidya Gold OC 271,063 ounces (2013) Eastern Turkey Turkey Mining (20%)

EXECUTIVE LEADERSHIP TEAM Name Title Background Location Comments Rodney P. Antal Chief Executive Officer Rodney has held the position of Chief Executive Officer since Perth (Aug 2013 – Present ) August 13, 2013. His principal occupation during the five preceding years has been acting as Chief Financial Officer of the Company.

Prior to joining Alacer, he was the Chief Financial Officer of Rio Tinto Minerals. Rodney had previously been Global Head of Rio Tinto Shared Services and Chief Financial Officer of Energy Resources of Australia (“ERA”), a publicly listed company that is majority owned by Rio Tinto. Rodney also has gold industry

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experience from his time spent in Papua New Guinea with Lihir and Placer Dome.

Education - B.Bus (Accountancy), CPA

Mark E. Murchison Chief Financial Officer Mark’s principal occupation during the five previous years includes Perth (Mar 2013-Present) serving as the Company’s Senior Vice President – Finance.

Prior to joining Alacer, Mark held management positions with Rio Tinto PLC and its affiliates over a 12 year period in a variety of financial roles across multiple jurisdictions. Most recently he was the General Manager Financial Controller for Rio Tinto Iron Ore. He had previously been Chief Financial Officer of Rio Tinto’s Global Exploration group and held various positions within the Rio Tinto Tax Department. Mark is a member of the Australian Institute of Chartered Accountants and obtained tertiary qualifications in Business from the University of Technology in Sydney, Australia.

Education – B.Bus (Accounting & Finance), CA

John M. Le Roux Country Manager and John has 28 years of international experience within the mining Anakara, Senior Vice President – industry in various roles, having worked in engineering, mine Turkey Turkish Business Unit development and mine operations, and has been very influential in mine safety. He has worked in operations for coal, base metals, and precious metal. John was General Manager of the Kişladağ Mine in Turkey; Vice President of Operations for Kumtor Operating Company in Kyrgyzstan where he led a major operational expansion; and Vice President of Operations of Boroo Gold Mine in Mongolia, where he was instrumental in significant operational improvement. Prior to becoming Country Manager & Senior Vice President, he was the GM of Alacer’s Çöpler Operation in Turkey

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He has also held senior level management positions in the construction and development of mining operations in Indonesia, Papua New Guinea, and South Africa.

Education - NatDip (Coal Mining), HNatDip (Coal Mining)

BOARD MEMBERS Name Title Background Location Comments Edward C. Chairman Edward has held the position of Director since February 20, 2008. Colarado Dowling, Jr. (Feb 2008 – Present) During the five preceding years has been serving as President and Chief Executive Officer of the Company until August 2012. Edward is recognized in the industry for his ability to assemble and motivate teams of people to tackle and deliver challenging projects for creation of long-term value.

Edward is also a Director of Teck Resources Ltd. and Polyus Gold International Limited.

Education - BSc, MSc, PhD

Richard P. Graff Independent Lead Richard has held the position of Director since July 24, 2008 and Denver Director was appointed interim Chairman of the Board on September 10, 2013.

Richard is a retired partner from PricewaterhouseCoopers LLP where he served as the audit leader in the United States for clients in the mining industry. Since his retirement, he has been a consultant to the mining industry and was a member of a Financial Accounting Standards Board task force for establishing accounting and financial reporting guidance in the mining industry. He represents a consortium of international mining companies and has provided recommendations to the International Accounting

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Standards Board on mining industry issues and to regulators on industry disclosure requirements of securities legislation.

Richard serves on the Board of Directors and is Chairman of the Audit Committees at Yamana Gold Inc. and Dynamic Materials Company.

Thomas R. Bates, Director Thomas is an adjunct professor at the Neeley School of Business Fort Worth, Jr. within Texas Christian University. Before his role at the university, Texas he served as Managing Director, and then Senior Advisor, for thirteen years at Lime Rock Partners, an energy focused private equity investment firm investing in differentiated oil and gas oriented businesses.

Thomas is also currently on the Board of Directors at Hercules Offshore, Inc., Tetra Technologies, Inc. and Independence Contract Drilling, LLC.

Jan A. Castro Director Jan has held the position of Director since January 1997. Walschwil, Switzerland During the five preceding years he has been serving as Chief Executive Officer of Pala Investments Ltd., a multi-strategy investment company dedicated to investing in, and creating value across, the mining sector in both developed and emerging markets. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. Jan currently serves as Chairman of the Board of the following companies: Asian Mineral Resources, Sierra Rutile Ltd., and Nevada Copper Corp.

Education - JD, BA

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ANGLOGOLD ASHANTI LTD

AngloGold Ashanti is a global gold mining and exploration company with a diverse portfolio of mining operations and projects on four continents, with more than 96% of the company’s revenue derived from the sale of gold produced at its operations located around the world. Working across the full spectrum of the mining value chain, safety and the sustainability of the company’s operating activities remain a core focus for management. Headquartered in Johannesburg, South Africa, AngloGold Ashanti has 21 operations in 11 countries. Two new mines, Tropicana in Australia and Kibali in the Democratic Republic of the Congo (DRC), began production in late 2013.

Following a strategic review of AngloGold Ashanti’s asset portfolio at the start of 2013, particularly as it pertains to development and exploration projects, the company embarked on significant restructuring in response to current challenges in the gold sector, including increasing costs of production and sustained lower gold prices. Management of AngloGold Ashanti is organised into four business segment under two chief operating officers – South Africa and International – as follow:

South Africa comprises the operations and assets in the following areas in South Africa:  West Wits;  Vaal River; and  Surface Operations, which includes First Uranium SA which owns Mine Waste Solutions (MWS).

International comprises the company’s operating assets outside of South Africa as follows:  Continental Africa with operations in the DRC (1), Ghana, Guinea, Mali, Namibia (2) and Tanzania;  Australasia which comprises two operations in Australia (3); and  Americas with operations in Argentina, Brazil and the United States.

In 2013, AngloGold Ashanti’s global portfolio of operating assets, including underground and deep level mines, open-pit mining operations and one surface operation, produced an attributable 4.11Moz of gold (2012: 3.94Moz) as well as 1.38Mlb of uranium (2012: 1.21Mlb) and 3.30Moz of silver (2012: 2.36Moz).

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Exploration at AngloGold Ashanti has two key processes aimed at adding significant value for the company: 1. Greenfields Exploration, which aims to make large, highvalue gold discoveries leading directly to new mines. 2. Brownfields Exploration, which is focused on delivering value through incremental additions to the Ore Reserve in existing mines as well as new discoveries in defined areas around existing operations.

Greenfield exploration AngloGold Ashanti’s greenfields exploration team has been recognised as an industry leader and has a proven track record that includes the world-class discoveries of La Colosa, Gramalote and Tropicana. These discoveries can be attributed to our committed and professional team of explorationists who work on a portfolio of highly prospective and strategic ground holdings. Greenfields exploration provides a pipeline of high quality and rigorously prioritised exploration projects, which in turn lead to the discovery of new deposits and mines.

Brownfield exploration AngloGold Ashanti actively drives the creation of value by seeking to continually grow its Mineral Resource and Ore Reserve. This is based on a well-defined and active brownfields exploration programme, innovation in geological modelling and mine planning, and continual optimisation of the asset portfolio. In 2013, a total of $146m was spent on brownfields exploration ($51m capitalised and $95m expensed). Brownfields exploration was undertaken around most operating mines and advanced projects. Over 590km of diamond, reverse circulation and aircore drilling was completed on brownfields projects.

Financial results for the Year ended 31 December (US Dollars) :  Revenue $5,708M 2013 down from $6,632M in 2012  (Loss) profit for the year ($2,200M) in 2013 down from $915M in 2012  Gold Production(000oz) in 2013 4,105 up from 3,944 in 2012  Gold income $5,497M in 2013 down from $6,353M in 2012

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OIL AND GAS OPERATIONS Project Ownership interest / joint venture Operator Production Opening year Location State share FY13 North West Shelf Each of the six consortium partners Woodside Petroleum The Karratha Gas 1984 Northern Carnarvon WA holds an equal one-sixth share of the Plant has the capacity to Basin project. produce; The six parties are: Domestic gas: 12,000 BHP Billiton Petroleum tonnes/day. (North West Shelf) Pty Ltd BP LNG: 52,000 tonnes/day. Developments Australia Pty Ltd LPG: 3,000 tonnes/day. Chevron Australia Pty Ltd Condensate: 130,000 Japan Australia LNG (Mitsubishi/Mitsui) barrels/day. Pty Ltd Shell Development (Australia) Pty Ltd Crude oil: Woodside Energy (Ltd) Operator 6.87 mmbbl NGL: 1.37 mmbbl Natural gas: 131 bnCf Wheatstone LNG* Chevron 64% / Apache 13% / Kuwait Chevron. Ownership in 2016 Western Carnarvon WA Foreign Petroleum Exploration project facilities: Chevron Basin, Ashburton Company 7% / Shell 6% / Kyushu 72% / Apache 13% / Kuwait Electric Power 1% / Tepco 8%. Foreign Petroleum n/a Exploration Company 7% / Shell 6% / Kyushu Electric Power 1%. Gorgon** Chevron 47% / Shell 25% / ExxonMobil Chevron n/a 2014 Northern Carnarvon WA 25% / Osaka Gas, Tokyo Gas, Chubu Basin, Barrow Island Electric Power 3%. Barrow Island and Chevron Chevron 1969/Barrow Off-shore from WA Thevenard Island*** Island Onslow 1989/ Thevenard Island

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*8.9 million tonnes of LNG per year and 200 terajoules per day domestic gas plant. ** 15 million tonnes of LNG per year and 300 terajoules per day domestic gas plant. *** Crude oil production and facilities. LNG facility being built on Barrow Island as part of Gorgon project.

EXECUTIVE LEADERSHIP TEAM Name Title Background Location Comments Roy Krzywosinski Managing Director Roy is the Managing Director of Chevron Australia and head of the Perth (Jan 2008-Present) Australasia Strategic Business Unit, located in Perth, Western Australia.

Roy is responsible for Chevron's upstream interests and activities in Australia. This includes leading the development of the Gorgon and Wheatstone natural gas projects; participating interests in the North West Shelf Venture; oil production operation on Barrow and Thevenard Island; and exploration and appraisal activities.

Roy joined Chevron Corporation in 1981 as a design and construction engineer. He has held numerous positions in various capacities around the world including: technical and operations advisor for the Indonesia Strategic Business Unit; operations manager for Chevron Downstream Products Company in Honolulu; major capital projects manager for the Papua New Guinea Strategic Business Unit and then the broader Australasia Strategic Business Unit; major capital project manager in Angola; and general manager - Facilities Engineering, for Chevron's Energy Technology Company in Houston.

Prior to Roy's current appointment in January 2008, he held the position of president and general manager, Chevron Project Resources Company, in Houston, Texas. In this position, Roy was responsible for Chevron's project development, providing oversight for the execution of the corporation's worldwide major capital project portfolio.

Education – B Electrical Engineering, Michigan Technological University, MBA, University of Colorado

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Colin Beckett General Manager Greater Colin is general manager Greater Gorgon Area with responsibilities Perth Gorgon Area including the Gorgon Project. He has more than 30 years’ experience in (Sep 2002-Present) the upstream oil and gas industry. Initially based in the United Kingdom, he was involved with the design, construction and project management of major field developments in the United Kingdom before relocating to Perth, Australia in 1988. Since then he has been involved with technical, commercial and strategic aspects of major projects in Australia and Papua New Guinea. In 1992, he relocated to Melbourne and took on responsibility for oil developments in Papua New Guinea and Australia before taking over as BP's North West Shelf General Manager.

From 1997 to 2000, Colin was employed with Mobil Australia and held roles as strategic planning manager and Gorgon asset manager before joining Chevron Australia in 2000 as strategic planning manager, a position he held until the merger with Texaco in 2001, at which time he became general manager, Technical Services. In September 2002, he assumed the position of general manager, Venture Gas. In this role he was accountable for the Malampaya gas project in the Philippines, the North West Shelf gas development in Australia, new ventures and business development.

Colin has a master's degree in engineering from the University of Cambridge, United Kingdom and also is chairman of the Australian Petroleum Production & Exploration Association.

Education – MEng, University of Cambridge

Richard Biddle Manager Operational Richard is the manager of Operational Excellence (OE) and Health, Perth Excellence & HES Environment and Safety (HES) for Chevron Australia. (Feb 2009-Present) Chevron Australia is responsible for upstream oil and gas interests and activities in Australia and the Philippines. This includes the oil production operation on Barrow and Thevenard islands, interests in the North West Shelf Venture and Browse LNG Project, managing the development of the Gorgon Project and wholly owned Wheatstone gas field in Australia. And The Blenheim Report | No Limitations 14

an interest in the Malampaya-Gas-to Power project in the Philippines. Prior to Rick's appointment in February 2009, he held the position of general manager, Business Development for Chevron's Environmental Management Company in San Ramon, California. In this position, Rick was responsible for the business management of Chevron's environmental site assessment, site remediation and facility decommissioning activities worldwide.

Rick joined Chevron in 1977 and has held various positions in asset management, production operations, business planning and HES around the world including: production supervisor for Chevron U.K.; asset management supervisor for Chevron Nigeria Limited; operations superintendent for Chevron Nigeria Limited; joint venture technical manager for Chevron Asiatic Limited; HES manager for Tengizchevroil and manager, Business Planning, for Chevron International Exploration and Production.

Education – B.Geol, Texas A&M Unviversity, M.Che.E, University of Houston

Kaye Butler Human Resource General Kaye is the Human Resource general manager for Chevron Australia. She Perth Manager is responsible for people services including: recruitment; on boarding; (2007-Present) benefits administration; and organisational, leadership and personnel development. Prior to Kaye's appointment in 2007, she worked in a number of roles in the resources industry – most of which were for global alumina producer, Alcoa. Kaye's previous roles include Health and Safety manager in a large alumina refinery and senior Human Resource manager responsible for multisite integrated mining and refining operations with a workforce of approximately 5,000 people. Kaye holds positions on the board of the Palmeston Association; The Governing Council Challenger TAFE and the Advisory Council of the Australian Institute of Management in Western Australia.

Education - B.A.S, PGDip OrgPsyc

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Uriel "Ose" Oseguera Finance & Uriel is the finance manager of Chevron Australia. He heads the Perth Compliance Manager department which has overall accountability for all finance, taxation, and (2012-Present) compliance matters for the company.

Ose was born in Martinez, California, USA and has been with the company for more than 20 years. He graduated with a Bachelor's degree in Business Administration from California Polytechnic State University - San Luis Obispo in 1991 and joined Chevron's Finance Development Program. Over the course of his career, Ose has held numerous positions of increasing responsibility in Finance, Treasury, and Planning in Venezuela, Thailand, Indonesia, and various locations within the US. Most recently, Ose was Assistant Treasurer, Corporate Strategy & Financing for Chevron Corporation.

Education - B.B.A, California Polytechnic State University, M.B.A.

Marcia Decter Managing Counsel Marcia is the Managing Counsel of Chevron Australia Pty Ltd. She heads Perth (2003-Present) the Negotiations and Legal department. Chevron Australia is responsible for upstream oil and gas interests and activities in Australia and the Philippines.

After a brief time in private practice Marcia joined Chevron Canada for three years before moving to Unocal. She became General Counsel and Corporate Secretary of Unocal Canada in 1993. In 1998, Marcia joined Marathon Canada as General Counsel. Marcia re-joined Chevron in 2003 as the Managing Counsel for the Canada Business Unit in Calgary.

Education – LL.B, University of Manitoba

Eric Dunning General Manager Eric is the General Manager of the Wheatstone Project for Chevron Perth Wheatstone Development Australia. He has overall accountability for the Chevron-operated (Apr 2012-Present) Wheatstone LNG and domestic gas project. Before taking on this role, Eric was the General Manager Strategy and Planning, for our Africa and Latin America headquarters. Eric joined Chevron in 1981 as a Field The Blenheim Report | No Limitations 16

Engineer and has held a variety of engineering, operations and planning positions of increasing responsibility in Lagos, Escravos, Papua New Guinea, Malongo, Tengiz, Atyrau and various locations within the U.S.

Eric was previously General Manager, Strategy and Planning for Africa Latin America Exploration and Production Company.

Education – B.S, Petroleum Engineering, University of Oklahoma

Peter Fairclough Policy, Government & Peter is the policy, government and public affairs general manager for Perth Public Affairs General Chevron Australia. He is responsible for, among others, legislative and Manager regulatory advocacy, external and internal communications, community (May 2011-Present) and stakeholder engagement and reputation. He has extensive experience in government relations, policy development and advocacy, reputation management and community engagement.

Peter joined Chevron in May 2011 from the telecommunications industry where he held the position of Executive Director Telstra Country Wide. Peter was responsible for the commercial performance of the business in Western Australia. He also held accountability for customer service, policy development and advocacy, stakeholder relations and community engagement. In addition he led the development and implementation of the business unit brand and reputation strategy and worked with regional communities throughout Western Australia to deliver identified community outcomes. Peter's previous roles include: the group manager corporate affairs for Telstra Corporate; Manager Government and Public Affairs, WMC Resources and Executive Officer, Chamber of Minerals and Energy.

He is a member of the Chamber of Commerce and Industry's (WA) Business Policy Forum, the Governing Council of the Perth Technology College, the Executive Council of the Chamber of Minerals and Energy (WA), the APPEA Public Affairs Committee and a Governor of the Australian American Chamber of Commerce.

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Gerry Flaherty General Manager of Asset Gerry is the general manager of Asset Development. He is responsible for Perth Development Chevron Australia's exploration, appraisal and major capital project (May 2011-Present) (Gorgon and Wheatstone) subsurface portfolios and drilling.

Prior to joining Chevron Australia in May 2011, Gerry was based in Bangkok, where he held the position of general manager, new ventures and non-operated joint ventures in Chevron's Asia South Business unit,

encompassing work in Bangladesh, China, Vietnam, Cambodia, Thailand and Myanmar. Joining Chevron in California in 1981 as an exploration geologist, he has worked on a variety of Chevron's development and exploratory projects. He has held a number of positions in various capacities around the world including Asset Manager - Tengiz Chevroil in Kazahkstan, Exploration Supervisor - Chevron Angola-Southern Africa, Asset Manager - Chevron Nigeria Ltd and General Manager Asset Development - Chevron North America-Mid Continent & Alaska.

His 30 years of industry experience also includes managing a number of unconventional projects, incorporating coal bed methane in USA and shale gas exploration in China.

He is a member of the Society of Petroleum Engineers (SPE), the American Association of Petroleum Geologists (AAPG) and an Australian Petroleum Exploration Association (APPEA) Board Member.

Education – M.S.Geo, University of Oregon

Laurie Sasko Business Planning Manager Laurie is the Business Planning Manager for Chevron Australia. He is Perth (Feb 2012-Present) responsible for leading the overall efforts related to business planning, decision analysis and capital stewardship for the company. Laurie became Chevron Australia's Business Planning Manager in February 2012. Laurie joined Chevron in 1989 in the Canadian Business Unit in Calgary, Canada. While in the Canadian Business Unit Laurie worked in a number of commercial roles including Area Manager for Crude Oil Sales. In 1999, Laurie moved to the Eurasia Business Unit in The Blenheim Report | No Limitations 18

Atyrau, Kazakhstan and undertook roles as a Commercial Coordinator and a Business Development Consultant. In 2002, Laurie joined Chevron Australia as the Commercial Manager for the Malampaya Project before being appointed to the role of Commercial Manager for the Wheatstone Project in 2006.

Education – BCom, University of Saskatchewan

Brian Smith General Manager Brian is General Manager, Operations, for Chevron Australia. He is Perth Operations responsible for overseeing all activities relating to marine, drilling, supply (1981 – Present) chain management, Barrow and Thevenard islands, major capital project operations and information systems. Before taking on this role, Brian was the General Manager Wheatstone Project for Chevron Australia. He joined Chevron in 1981 and has worked in a variety of assignments in the United Kingdom, Gulf of Mexico, West Africa, Kazakhstan and Chevron's Global Upstream Offices located in San Ramon, California.

Brian was General Manager of Major Capital Projects for Chevron's Deepwater Projects in the Gulf of Mexico, Production Manager for Tengizchevroil in Kazakhstan and General Manager, Asset Development for Europe SBU (United Kingdom/Norway/Netherlands/Denmark).

Education - B.S.Che.E. , University of Strathclyde

Neil Theobald Senior General Manager, Neil is the Senior General Manager, Gas Marketing and Perth Gas Marketing and Commercialization, for Chevron Australia. The Gas Marketing and Commercialisation Commercialization group manages all gas marketing activities for the (Nov 2007-Present) company's projects and also provides commercial gas expertise on a range of issues such as transportation, gas-to-liquids, business development and overall gas strategy. Chevron Australia's projects include the North West Shelf, Greater Gorgon, Wheatstone and Browse.

Neil commenced with Chevron Australia in 2004 as president of Marketing for the Gorgon Project and headed the marketing team The Blenheim Report | No Limitations 19

responsible for international and domestic gas marketing efforts. In November 2007 he moved into his current position as the scope of activities the department was responsible for expanded.

Prior to joining Chevron Australia Pty Ltd, Neil held the position of vice president LNG with ExxonMobil, responsible for all gas activities in Western Australia. Before the ExxonMobil merger he held the role of Planning and Business Development manager at Mobil Exploration and Producing Australia in Perth, and prior to this, a range of operational and commercial positions in the United Kingdom and Australia. These included drilling engineer and supervisor, production engineer, planning advisor, asset manager, planning manager and business development manager.

Education - B.S.Che.E. , Birmingham University

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MARKET INTELLIGENCE

05 JUN 2014 The Australian Financial Review Miners may need to ‘turn off dividend tap’

The world’s top 40 mining companies – including Australian giants BHP Billiton, Fortescue Metals, Newcrest Mining and Rio Tinto – have seen profits by plunge by a staggering 72 per cent in the last 12 months to $20 billion, the lowest level in a decade.

PwC’s latest annual report on the global mining sector underlines how tumultuous the past year has been for miners, who have seen their combined market value drop 23 per cent to $958 billion as gold, diversified miners and coal companies were hit hardest.

However, the bleak figures haven’t stopped the world’s big miners from rewarding shareholders, and dividends almost tripled from $15 billion to $42 billion over the last five years. But this rise in payouts was accompanied by a 42 per cent increase in net debt.

Article: http://www.afr.com/p/business/companies/miners_may_need_to_turn_off_dividend_7UZRqcU67rPSJlNtxD7P7M

03 JUN 2014 The Australian Financial Review Time to consider investing in gold

Gold shares little in common with most •popular investments: it performs no useful function, nor does it generate future earnings or produce a yield. And yet the precious metal holds a special place in the psyche of investors, even as much of its lustre has worn off in the past two years.

“Sentiment is bad – it’s a tough place and very hard to get people interested,” says Baker Steel Capital Managers managing director David Baker, who manages a gold fund. “But this is where you make the money – by buying now and putting it in the bottom drawer . . . I think if you’ve made some money elsewhere in the market, now is a good time to diversify.”

The price of gold peaked at almost $US1900 an ounce in 2011 but has since fallen to around $US1200 to $US1300 as the global economy and the performance of sharemarkets has returned, luring investors back to more growth-oriented areas of the market.

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As the US economy continues to recover and lead the way out of the global financial crisis, gold has lost much of its appeal. However, the recovery remains tenuous and a number of investors continue to turn to gold for protection. It may be obvious to suggest that a rise in demand for gold will spur an increase in its price, but it remains a key driver for a precious metal whose primary use is ornamental. Enter emerging markets.

Since 2000, China, Russia, and Saudi Arabia have been enthusiastic purchasers of gold, while the Netherlands, France and Switzerland reduced their holdings of gold, according to the World Gold Council.

Source: http://www.afr.com/p/personal_finance/portfolio/time_to_consider_investing_in_gold_x9ZOpHIywYvUbe8dfA0seO

30 May 2014 The Australian Financial Review Does Newcrest mining have the golden touch?

It’s been heavy going for the Aussie gold miners in recent years. While the stock market has moved straight up without reprieve, other macro forces haven’t been so kind to this sector. In a perfect world, the gold miners would like higher gold prices (the price paid for their product), and a weaker dollar (the currency that effects the competitiveness of their product), but the market has dealt them neither.

The weaker gold price has been especially tough, a serious headwind for companies such as Newcrest Mining (NCM), which is by far and away our biggest gold miner – producing 1.63 million ounces of gold a year. Newcrest Mining carved out a major top in March 2011, and has been in an eye-watering downtrend since then, wiping out some 85 per cent of its market capitalisation in that time. The downtrend has been persistent, and Newcrest obviously wants to see gold get a wriggle on here, or at the very least stabilise - which is kind of what we’ve seen in recent months, as a trading range has developed between $US1200 and $US1400 an ounce.

Article: http://www.afr.com/p/markets/does_newcrest_mining_have_the_golden_HtQz7SrzBdiC4EdCrYK06O

The Blenheim Report | No Limitations 22

28 May 2014 The Australian Financial Review Gold tumbles 2pc as optimism triggers technical hit

Gold fell 2 per cent on Tuesday, the most in one day since December, as an intraday record high of the S&P 500 equities index and economic optimism triggered a heavy bout of technical selling.

The S&P reached a record 1,911.61, boosted by merger activity and expectations of rate cuts by the European Central Bank that stoked investor appetite for equities. Also, orders for US-made durable goods unexpectedly rose in April and consumer confidence perked up in May, supporting views of a rebound in economic growth.

Technical analysts also cited gold's recent pennant chart formation, also known as a flag because of its triangular shape, which represents a brief consolidation with narrowing price ranges before the previous market move is resumed.

Article: http://www.afr.com/p/markets/gold_tumbles_pc_as_optimism_triggers_AHx9iR3HAbT2jDsPzTzmIP

28 May 2014 The Australian Financial Review Barrick Gold sale of Aussie assets on cards

North American gold major Barrick has fewer reasons to visit down under since it started a fire sale of its local assets to the likes of Northern Star. But clearly, there is still enough going on in Australia to warrant another visit, with Barrick’s private jet spotted at several Australian airports in multiple states last week.

Not surprising Perth and Kalgoorlie were on the tour itinerary, and even Sydney town got some attention from the miner, which is in a serious deal-making mood at the moment.

Barrick recently failed to seal merger talks with fellow North American gold major Newmont, and one of the major sticking points was how to dispose of several Australasian assets, including the famous Superpit in Kalgoorlie. Last week’s visit was believed to involve talks around the future of those assets, which could yet be spun-out just as Barrick did years ago in Africa.

Article: http://www.afr.com/p/opinion/barrick_gold_sale_of_aussie_assets_NIoNTP5vMqedUxfSkGuWUJ

The Blenheim Report | No Limitations 23

21 May 2014 The Australian Financial Review Newcrest’s Greg Robinson sees steady Indian gold demand

Newcrest Mining chief Greg Robinson says the crucial Indian market for gold will not be dampened despite efforts by the Indian government to slow gold imports.

India and China are the two of the strongest demand centres for gold in the modern market, but the Indian government has sought through new taxes to have less of the nation’s money spent on gold.

Amid conjecture over the future of those taxes, Mr Robinson said he did not believe demand would dim in India.

“India has had certain restrictions and tax, but in time we expect the cultural significance of gold in India to ensure that they will continue to be the primary demand for physical gold,” he said on Wednesday.

Article: http://www.afr.com/p/business/companies/newcrest_greg_robinson_sees_steady_tvkbJ2UsUcNhiEGU0GsPJM

21 May 2014 The Australian Financial Review Analysts ‘buy’ into MACA support

At a time when it is difficult to find good news stories in the mining services sector, analysts at Argonaut have increased MACA’s recommendation from hold to buy, noting the stock was trading at a discount of about 25 per cent to its 12-month target price of $2.80.

The broker had recently visited MACA’s new premises in Western Australia, which have enabled the company to combine its operations in one building, a move the broker expects will provide improved efficiencies and productivity gains.

From an operational perspective, the company’s activities at Regis Resources’ Moolart Well, Garden Well and Rosemont projects were interrupted by extreme weather, which caused flooding at two of the three projects. Despite lost revenues during this period, management reaffirmed revenue guidance of at least $550 million in 2013-14, representing an increase of 15 per cent compared with the previous period.

The Blenheim Report | No Limitations 24

29 Apr 2014 The Australian Financial Review BROKER WATCH: Newcrest Mining (NCM)

Deutsche Bank is maintaining a “sell” recommendation on Newcrest Mining after “a reasonable quarter” was clouded by a weak outlook for the 2015-16 financial year. Its 12-month price target sits at $7.50 a share.

As guided, March quarter gold output of 552koz was lower quarter on quarter (QoQ) and 2 per cent below our estimate. While increasing 7 per cent QoQ, all-in sustaining costs (AISC) continue to be lower than expected, beating our forecast by 10 per cent,” Deutsche said.

“FY14 production and cost guidance is unchanged (2.3Moz, $2.45 billion or $A1065/oz) with little to do in fourth quarter. More importantly, the near-term production outlook for both Cadia and Lihir has been provided for the first time, with lower-than-expected gold production in FY15-16.

“Consequently, group gold output is now flat into FY15 and, failing the recognition of further cost savings, next year is shaping up to be very similar to FY14 with positive free cash flow (FCF) highly dependent on the gold price.”

Article: http://www.afr.com/p/markets/market_wrap/newcrest_mining_ncm_JBlqytuxgrvxOkkMPQGFrK

23 Apr 2014 The Australian Financial Review Fund managers must dig for gold stocks offshore Consolidation in the Australian resources sector is creating a •serious shortage of investment opportunities, and some fund managers say it leaves them with no choice but to build portfolios dominated by offshore companies to gain exposure to commodities such as gold.

NEWCREST ON TARGET Newcrest released quarterly production data on Wednesday and looks set to finish the fiscal year cash flow positive, despite a slight rise in costs for the March quarter on the back of weaker than expected production. Newcrest said it expected gold production for the full year to come in at the top end of guidance of 2.3 million ounces. “In the small- to mid-cap Australian gold companies, performance has been mixed. St Barbara has done particularly poorly with a questionable acquisition strategy but Northern Star has done particularly well with its business model of buying cast-offs from the majors,” Mr Baker said.

Article: http://www.afr.com/p/markets/fund_managers_must_dig_for_gold_C9z8cX7jE7DUt3YN6ulAGM The Blenheim Report | No Limitations 25

23 Apr 2014 The Australian Financial Review Newcrest’s Biswas is paid to perform Newcrest Mining’s new chief executive, Sandeep Biswas, has a big job ahead but he is being paid well for it with a more generous remuneration package than his predecessor, Greg Robinson, who steps down in July.

Newcrest on Wednesday confirmed that Biswas, who was named as Robinson’s successor last year, would step into the role in July. His $2.3 million fixed salary is higher than the $2 million Robinson was paid last year and his short- and long-term incentives are also more generous.

Newcrest’s board benchmarked Biswas’s salary against the company’s international peers and the reasoning behind the decision is that the gold sector is a highly competitive market for chief executives.

Certainly, investors will be hoping for better results under Biswas than Robinson, who presided over a horror year for the miner although the company’s latest production figures show things have turned a corner despite lower-than-expected gold production in the March quarter.

Article : http://www.afr.com/p/markets/market_wrap/newcrest_biswas_is_paid_to_perform_w6KisqYidyNW5sZOVaq4aM

The Blenheim Report | No Limitations 26

Article: http://www.afr.com/p/markets/market_wrap/newcrest_biswas_is_paid_to_perform_w6KisqYidyNW5sZOVaq4aM

23 Apr 2014 The Australian Financial Review Traders look to gold as US data causes nervousness With key factors such as how the West might respond to geopolitical tensions in Ukraine and continued emphasis on the Chinese economy, derivative traders are likely to focus this week on gold on the upside and selling pressure on equity market, according to derivative market watchers.

With gold one of the best performing asset classes so far in 2014, trading advisers like Rivkin Global investment manager Timothy Radford have increasingly been adopting a long bias in their trading portfolios.

They will be looking to developments in the Ukraine as well as euro zone and American inflation data to further fuel any upward trend in gold. http://www.afr.com/p/business/companies/traders_look_to_gold_as_us_data_kuWJKdB2P1q2EE5viCejsN

09 Apr 2014 The Australian Financial Review Broker Watch: Macmahon Holdings (MAH) Morningstar raised Macmahon Holdings to “hold” from “reduce” noting that while the mining services company has benefited from robust domestic investment growth, particularly in the mining and energy sector, the mining services industry is highly cyclical, volatile and competitive.

Morningstar noted that such an environment can “adversely impact earnings”. It said Macmahon was strongly leveraged to the resources boom with high exposure to gold, iron ore, coal, limestone, diamonds and copper.

The Blenheim Report | No Limitations 27

Article: http://www.afr.com/p/markets/market_wrap/macmahon_holdings_mah_G9wIMLM0SF6B1wwpztCUhK

07 Mar 2014 The Australian Financial Review AngloGold opens Australia’s fourth biggest mine The world’s third-largest gold producer, AngloGold Ashanti, is aiming to further drive down costs across its operations as it formally opened the nation’s fourth largest goldmine in Western Australia on Thursday.

In his first public statement since becoming chairman last month, Sipho Pityana said the company could not bank on the recent rally in the gold price being sustained.

The price jump has come as a relief to the broader sector, which was weighed down last year as the gold price sank 28 per cent, its biggest drop since 1981.

“Let’s hope the current uptick is sustained,” he said at the opening of the company’s 70 per cent-owned Tropicana goldmine 330 kilometres east of Kalgoorlie.

“We cannot bank on this happening. We need to do more.’’

The company was continuing to look at maximising efficiencies, as mining operations were often “not very good in maintaining their costs”.

Mr Pityana said he was pleased with productivity from AngloGold Ashanti’s Australian mines.

“We are quite happy. This is one of the mines where we are producing at comparatively lower costs.

The company claims its mine operating cost of $569 an ounce made it the lowest-cost gold producer in WA.

Article http://www.afr.com/p/business/companies/anglogold_opens_australia_fourth_tn8XjYWRpvhcNUg6SdQOoK

The Blenheim Report | No Limitations 28

MOVEMENTS

There have been a number of movements in the Gold sector this year, some include:

 Mr Edward C. Dowling, Jr - Appointed Chairman of Alacer Gold Corp, April 2014  Mr Thomas R. Bates, Jr - Appointed Director of Alacer Gold Corp, April 2014  Mr Richard P Graff - Appointed Independent Lead Director of Alacer Gold Corp (previously Chairman), April 2014  Mr Howard H.J. Stevenson - Resigned as President & Chief Operating Officer of Alacer Gold Corp  Mr Geoffery T. Williams Jr - Resigned as Chief Legal Officer & Secretary of Alacer Gold Corp, Feb 2014  Mr. Marthinus (Martin) - Appointed as a Non-Executive Director of Resolute Mining Ltd Feb 21, 2014  Mr. Ford - Resigned as a Non-Executive Director of Resolute Mining Limited, Feb 21, 2014  Mr Sybrandt Van Dyk - Appointed Chief Financial Officer of Macmahon Holdings Ltd, Feb 18 2014  Mr Ken Scott-Mackenzie - Resigned from the Board of Directors of Macmahon Holdings Ltd, Feb 14 2014  Mr Jim Walker - Appointed as a Non-Executive Director of Macmahon Holdings Ltd, Oct 2013  Ms Theresa Mikota - Resigned from Macmahon Holdings Ltd as Chief Financial Officer, Nov 29 2013  Mr Barry Ford and Dr David Smith - Resigned from the Macmahon Holdings Ltd board as Non-Executive Directors, Nov 14 2013  Mr Pityana - Appointed Chairman and Non-Executive Director of Anglogold Ashanti, Feb 2014  Mr David Hodgson - Appointed Non-Executive Director of Anglogold Ashanti, March 2014  Mr Sandeep Biswas - Appointed Executive Director and Chief Operating Officer of Newcrest Mining Ltd, Jan 2014  Mr David Woodall - Appointed Executive General Manager International Operations of Newcrest Mining Ltd, Feb 2014  Ms Francesca Lee - Appointed Secretary and General Counsel of Newcrest Mining Ltd, March 2014  Mr Peter Hay - Appointed Independent Non-Executive Chairman of Newcrest Mining Ltd, Jan 2014  Mr Rowan Cole - Appointed Company Secretary of St Barbara Mining Ltd, March 2014  Mr Tim Netscher - Appointed Non- Executive Director of St Barbara Mining Ltd, Feb 2014  Mr Doug Grewar - Resigned as Managing Director of Maca Ltd, May 2014  Mr Peter Gilford - Appointed Financial Controller of Maca Ltd, Aug 2013

The Blenheim Report | No Limitations 29

CONCLUSION: THEMES

“Like many other parts of the total mining industry we have to examine our processes, our productivity and be able to compete on the world stage.” Project Director, Gold Mining Company

“Probably like a broken record, but at the end of the day we have to focus on better managing our costs. The sector as a whole I suspect in agreement.” Operations Director, Gold Mining Company

“I read your report about the coal sector and the quote about being fat, dumb and lazy. There is some truth in it.” Chief Financial Officer, Gold Mining Company

The Blenheim Report | No Limitations 30

16BABOUT BLENHEIM PARTNERS

Blenheim Partners is a premier international Board, Executive Search and Advisory firm. We are a partnership, focused entirely on our clients, deliberately engaged at the most senior levels. Clients call us when they have difficult, top level, people-related decisions to make.

We have “no limitations” in the pursuit of excellence. Our culture is built on Pride, Professionalism and Esprit de Corps. We consult. We do not conform. Focusing on collaboration, founded on a commitment from both the client and ourselves to build a genuine relationship over time, we pursue open and honest dialogue, where accountability is placed above all else. Therefore, we engage with organisations who believe in a partnership model; where there is sincerity, focus and commitment.

We apply the following principles:

 We partner with a select few in a genuine, enduring and transparent partnership.  We pursue a mutually beneficial relationship, not a transactional one.  We look for parallels between our values and those of our clients.  We partner leaders through their journey, which includes our unique On Boarding Programme.  We allow our clients to determine our fees by having key and transparent metrics aligned to the outcome and satisfaction.  We maintain regular contact and invest the time to provide ongoing market intelligence and collaboration.

Blenheim Partners consult for a broad range of organisations including publicly listed companies, global multinationals, medium-sized domestic companies as well as not-for-profit organisations and government. Typical roles for which we are engaged include Chairman, Non-Executive Director, Chief Executive Officer, Chief Financial Officer and difficult to fill positions where search or consultation is required.

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 31

OUR SERVICES

Executive Search  Top level, strategically important roles  CEOs, Executive Committee Members and direct reports to the top team  Our clients come from all sectors

Non-Executive Search  Chair  Non-Executive Director  Diversity for Boards

On Boarding  A 90 day On Boarding Programme with all searches for the successful candidate at commencement of employment

Competitor Intelligence & Tactical Planning  In depth intelligence gathering and Talent Mapping of your competitors, and the external candidates having the head start capability to launch a search for a particular role at the opportune time

Consulting  Board Effectiveness – We advise clients on issues of Board Capability through formal annual Board Evaluation help  Management Assessment – We help build on existing management development programmes by providing internal and external benchmarking and succession pipeline. Assessment is valuable in a range of contexts including: • Succession planning • Mergers & acquisitions • Corporate restructuring • Management/ team development

Market Reputation Analysis  We advise clients on their reputation from a broad perspective including internal candidates, external candidates, venture partners, investment banks, clients

Customer Intelligence  Particularly useful for the Business Development function in understanding the customer landscape, structure and executive movements

Compensation and Remuneration Analysis

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 32

18BSELECTED TRACK RECORD

The team at Blenheim Partners is highly experienced, with a track record at the most senior level of Executive and Non-Executive Director search and appraisal. Searches have included Chairmen, Chief Executives and other C-level executives for the major ASX (top 20) companies.

Some of our clients in Natural Resources have included:

 Anaconda Nickel  Arch Coal  Asciano  Anglo Coal  BHP Billiton  Blue Scope Steel  Emeco  Evans & Peck  Extract Resources  Hedweld  Henry Walker Eltin  Leighton Contractors, Holdings, Contractors, Asia  Medusa Mining, Philippines  Micromine  Midwest Coal  Minara Resources  Newmont  Oil Search  Petronas  Red 5, Philippines  Rio Tinto – Coal, Alcan  Shell  Whitehaven Coal  Woodside

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 33

KEY PROFILES

Gregory W. Robinson Founder & Managing Partner

Mr. Robinson has been specialising in Board/Senior Executive appointments for over 17 years in Australasia, Asia and the United Kingdom. Sector experience is broad and includes natural resources, infrastructure, industrial, telecommunications, technology, financial services, consumer, manufacturing and sport.

Prior to establishing Blenheim Partners in 2012, Mr. Robinson was based in Hong Kong for three years as Head of an Investment Banking Search Practice for a global boutique firm and as a Partner established and led the Asia Pacific Financial Officers Practice for the Global Search Firm Whitehead Mann.

In 2005 he was appointed Partner to establish and lead the Australasia Chief Financial Officer Practice for Korn/Ferry International, covering all industry sectors with focus on ASX 100 listed companies.

Mr. Robinson commenced his Executive search career as a Partner with Norman Broadbent in London. During his time in London he consulted on the finance and operational functions of the FTSE 100-250 and AIM listed companies for a decade, including some high profile searches which were closely followed by the press.

Mr. Robinson’s career began in marketing with an Australian radio network and as a Broker in the money market. It also includes experience in the Australian military where he was awarded with the coveted Green Beret.

Mr. Robinson has been involved in Board Advisory and C-Level appointments in three continents and was a Director of Australian Business in Europe whilst in London. Mr. Robinson holds a B.Comm. with Merit.

Outside of business, Mr. Robinson has supported charities by competing in the London Marathon, The Marathon des Sables (across the Sahara Desert) and with a good friend assembled a small team to do something never previously attempted. It was termed the Arch to Arc and included a run from London (Wellington Arch) to Dover, swimming the English Channel and cycling from Calais to the Arc de Triomphe in Paris. The run was achieved wearing a Rhino costume for the “Saving the Rhino” Charity.

Location – Sydney

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 34

Brett Wright Partner, Executive Search & Advisory

Dr Brett Wright is a highly experienced and innovative business executive. He has an extensive background in human resource leadership, strategy and management. He has had a range of line management, academic and consulting roles which include nine years as the Group Executive Human Resources in St George Bank. At St George, Dr Wright was a member of the Executive Committee reporting to the Chief Executive Officer and Managing Director.

Dr Wright was responsible for all aspects of the people strategy for over 9000 employees. This included developing and implementing human resource programs aimed at providing the competitive advantage through people. He oversaw recruitment, learning and leadership development, culture and change, remuneration and benefits, health and safety and employee relations. He was a key driver behind many of the Group’s initiatives including flexible working arrangements. During his time at St.George Dr Wright was recognised with the Award of Australian HR Director of the year on two occasions. More recently Dr Wright was Executive Director People for Ashurst, reporting to the Managing Partner. He managed all aspects of the people strategy for the Australian and Asian offices of the firm.

Dr Wright joined Blenheim Partners in 2014 and advises Board and Senior Executives from a strategic and operational perspective on a wide range of human resource issues.

Dr Wright has a PhD in Organisational Behaviour and has been the Adjunct Professor to the University of Western Australia. He also holds a B.E.(Hons) and M.EngSc. from the University of NSW and an M.B.A. from the University of Sydney.

Location – Sydney

Thomas Weiss Partner, Leadership Advisory & Succession Planning

Mr. Weiss manages the development and execution of the Blenheim Partners leadership services. Mr. Weiss has 15 years of broad experience in designing and implementing succession planning, talent assessment, development solutions and building leadership effectiveness across the varied degrees of complexity within organisations. Mr. Weiss takes a lead role in delivering tailored projects including the Blenheim Partners Succession Planning Programme, Executive and Board Assessment and the successful candidate On Boarding Advisory Programme.

Mr. Weiss has been working with Blenheim Partners since 2012, across diverse industries including telecommunications, energy, retail, industrial financial services, property, infrastructure and pharmaceuticals. Mr. Weiss adopts a collaborative approach with all stakeholders to facilitate leadership outcomes aligned with the strategic priorities of the business.

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 35

Mr. Weiss is certified in the full suite of Lominger solutions including viaEDGE™, Choices®, Voices® 360, Interview Architect® as well as Leadership Architect® 101. He also leverages other resources including the Hogan Leadership Forecast Series to build individual and organisational insights.

Prior to joining Blenheim Partners, Mr. Weiss was a Principal Consultant with Korn/Ferry International, where he played a key role in the growth of the leadership consulting practice. He commenced his career in Executive search with Korn/Ferry in 1999 as a consultant in the Industrial, Energy and Resources practice, focusing on Executive search. Mr. Weiss’s early career was with the New Zealand Prime Minister’s Department as a Research Analyst.

Mr. Weiss holds a Bachelor of Arts and a Master of Arts (Honours) degree from Victoria University of Wellington (New Zealand) and a Master of Business Administration from Monash University (Australia).

Mr. Weiss speaks fluent German.

Location – Melbourne

Alison Tovey Partner, Research

Ms. Tovey joined Blenheim Partners in 2014 and commenced work in the Executive search industry in 2000. During this time Ms. Tovey worked for Korn/Ferry International in Sydney and London where she was involved in searches in financial and professional services. Before working in search Ms. Tovey worked in Business and Private Banking at ANZ Bank. Prior to this Ms. Tovey worked in the Foreign Investment Review Branch of the Federal Treasury.

Ms. Tovey holds a B. Ec., B. Comm. and is a CPA.

Location – Sydney

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 36

Karsten M. Hansen Partner, Executive Search

Mr. Hansen has 13 years’ experience in the Executive Search industry with an established track record in managing all aspects of the search process through to placement. Mr. Hansen commenced his Executive search career with Korn/Ferry International undertaking a broad range of assignments, including a significant number in the financial services, mining, construction, energy, industrial and retail sectors. He has also been a Director with two boutique search firms where he diversified his consulting to include Government and larger infrastructure government organisations. Mr. Hansen’s assignments have included ASX Top 50 C Level appointments as well as numerous international projects particularly within the energy sector. Prior to his time in Search, Mr. Hansen built a career in the financial markets for 10 years in Tokyo, London and Copenhagen with a focus on the debt markets. Mr. Hansen’s other interests include Psychology and participation in family and youth programmes. Mr. Hansen holds a Post Graduate Diploma and Graduate Diploma in Psychology, University of New England, Graduate Diploma Financial Planning, Finsia, Sloan Management Course, London Business School and Candidate Science, Political Science and Economics, Aarhus Universitet.

Mr. Hansen speaks fluent Danish, German and as well as conversational French and Japanese.

Location – Sydney

Anna Papahristos Consultant, Elite Performance

Ms. Papahristos is a leading organisational Psychologist and has been consulting Chief Executives in the ASX 300, Senior Executives in Government agencies, and members specialised units of the Emergency services and Armed Forces for 9 years.

Ms. Papahristos brings extensive and diverse experience which includes engagement with tactical operational elements of government bodies, development of hostage negotiators and behavioural expertise in regards to people management and the impact of organisational culture. She is involved in the delivery of excellence in organisational health encompassing risk mitigation, critical advisory and bespoke consultation with senior leaders. She has extensive experience of working closely with those high performance and leadership roles locally and internationally.

Ms. Papahristos distinguishes herself as a psychologist who is highly skilled in conceptualising and delivering outcomes in a structured and applicable framework and has been a guest lecturer on cognitive Behavioural Theory and Practice.

Ms. Papahristos holds a B.A. (Mus), B.BSc. (Psych), Grad. Dip, Counselling.

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 37

Ms. Papahristos speaks conversational Greek, Italian and German.

Location – Melbourne

Jeremy Low Director, Asia

Mr. Low established the Asia Practice in 2013 and is based in Hong Kong. He is responsible for building Blenheim Partners’ presence in the region as well as executing senior level assignments.

Mr. Low has extensive business experience covering financial services, legal and compliance, sales and marketing, technology and telecommunications. Prior to his career in search Mr. Low was a lawyer and investment banker in the Asia-Pacific region located in both Hong Kong and Singapore with JP Morgan and Deutsche Bank. He commenced his legal career in Australia with Mallesons.

Mr. Low holds a double degree of B.Comm. and LLB (Hons).

Mr. Low speaks fluent English, Cantonese and Mandarin.

Location – Hong Kong

Darrell Sham Consultant, Asia

Mr. Sham partners Mr. Low in executing senior level assignments across a number of sectors. Mr. Sham has extensive business experience in Asia and previously was a Chief Financial Officer in Hong Kong.

Mr. Sham has lead and built teams in finance, strategic planning and business improvement. He has experience in regional and group accounting roles, financial planning and analysis, business modelling, design and implementation of improved financial and management reporting, merger and acquisition due diligence, change management and establishment of shared services.

Mr. Sham is a Chartered Accountant with an MBA from Australia. He trained as an auditor with Pricewaterhouse in Sydney and later joined Pricewaterhouse

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 38

Consulting as a Consultant in Singapore and China.

Mr. Sham speaks fluent English, Cantonese and business Mandarin.

Location – Hong Kong

Andrew Shestopal Director, United Kingdom & Europe

Mr. Shestopal has worked in executive search since 1997, specialising in real estate since 1999. He has an excellent track record in the industry having successfully completed searches for board executives, senior management and functional heads within the property company, investment banking, investment management, private equity, corporate owner/occupier and professional services environments.

Prior to joining the Thomas Cole Kinder (TCK), he was a Partner at Whitehead Mann where he established the firm’s real estate practice. Earlier in his career, Mr. Shestopal focused on financial appointments across a broader range of industries.

Mr. Shestopal has a BA (Hons) in Economics and an MA in Business Analysis from Leicester University.

Mr. Shestopal is a partner of TCK, Europe’s specialist Real Estate search firm. We have been working closely with TCK since 2013 to extend the reach of major appointments in this sector.

Location – London

Matthew Morris Director, United Kingdom & Europe Mr. Morris has spent 14 years recruiting senior management positions across a variety of industries. Prior to establishing Bray Lloyd, he spent five and a half years with an international search firm that specialised in infrastructure within the financial services sector.

Mr. Morris has completed search and consulting projects in investment and corporate banking, asset management and wealth management in the UK, United States and Asia. He has in depth functional expertise across infrastructure and extensive experience of front office roles within corporate and transaction banking.

Mr. Morris’s early career was spent in finance with Ernst & Young and Hertz.

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 39

Mr. Morris holds an economics degree from Exeter University.

Mr. Morris is the Managing Partner of Bray Lloyd. We have worked closely with Bray Lloyd since 2013 to extend the reach of major appointments in financial services.

Location – London

Simon Keating Consultant, United Kingdom & Europe

Mr. Keating heads our corporate governance practice in the UK/Europe. Mr. Keating’s primary focus is on senior appointments within compliance, internal audit and regulatory functions. Mr. Keating also has extensive experience within the insurance industry and leads the practice.

Mr. Keating has 15 years of search experience having worked for both boutique and global executive search firms in risk, audit, compliance, regulatory and insurance. Prior to joining Bray Lloyd he spent three years running a dedicated search firm which he co-founded. Mr. Keating began his search career with the Korn/Ferry International Group.

Mr. Keating holds an MSc from Cranfield University.

Location – London

Luke McKenna Associate, Research & Integrity

Mr. McKenna commenced with Blenheim Partners in 2014 and is responsible for collection, maintenance and management of corporate intelligence and the knowledge centre. Mr. McKenna executes searches at Board and Executive levels across all sectors. Prior to working in search Mr. McKenna pursued a career in retail. Mr. McKenna has a Bachelor of Business, majoring in Accounting and Employment Relations.

Location – Sydney

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 40

Kerry Larkin Associate, Executive Search and Succession Planning

Ms. Larkin joined Blenheim Partners in 2012 and has been involved in the Executive search industry since 2006. During this time Ms. Larkin has worked with Heidrick & Struggles and Russell Reynolds Associates, in both project management and research capacities. Ms. Larkin possesses experience in multiple sectors, including natural resources, construction/ industrial, telecommunications, retail, financial services, consumer, healthcare, professional services and not-for-profit. In addition, she has supported a number of board searches, and assisted on succession planning, diversity, and Executive assessment projects.

Location – Brisbane

Brandon Needham Associate, Knowledge Management

Mr. Needham joined Blenheim Partners in 2012 and is responsible for knowledge management, including intelligence gathering, the tracking of business activities, key management moves and intensive preparatory research.

Mr. Needham speaks fluent Spanish and is undertaking a B.Comm.

Location – Sydney

Melissa Huang Associate, Researcher

Ms. Huang joined Blenheim Partners in 2014 and is responsible for market research, including industry movements and corporate intelligence.

Location – Sydney

Clare McKenna Project Manager

Ms. McKenna has five years’ project management experience in professional services, including mining consultancy and accountancy. Ms. McKenna commenced

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 41

with Blenheim Partners in 2013 and coordinates the search engagement and liaises with clients and candidates.

Ms. McKenna is currently undertaking a B.Sc. (Psychology).

Location – Sydney

Blenheim Partners Pty Ltd ABN 21 160 009 236 | Level 5, 17-19 Bridge Street, Sydney NSW 2000 Australia | p +61 2 9253 0950 | w blenheimpartners.com 42

ABN 21 160 009 236 Level 5, 17-19 Bridge Street, Sydney NSW Australia p +61 2 9253 0950 w blenheimpartners.com